Opened in early Europe at Y79.50 and Y99.96, opened in Asia around Y79.50 and ground to Y79.41 as traders reported a flat start to the session with light volumes. Importer demand lifted the rate to Y79.57 but ran into large cross yen sales, paring early gains. The cross opened lower in tandem with EUR/USD to print fresh lows Y99.71 as Greek concerns continued to weigh on markets. Rate made an attempted recovery and flirted with Y100.00 for the session although the underlying tone remained heavy. USD sentiment turned on the European open and the rate slipped to Y79.40, dip demand nudged higher but any recovery attempts were seen shallow. The pair succumbed to a wave of cross selling and printed Y79.36 lows, before a modest bounce to Y79.40. EUR/JPY extended gains on the open to Y100.12, before a bout of profit take sales dipped back under Y100.00. The cross continued lower and aided by weak German flash PMI and IFO data posted fresh 4 month lows of Y99.36. The rate bounced and tracked EUR/USD sharp recovery to settle around Y99.70 into NY.
EasyForexNews Research Team